Portugal has “everything it needs” to “emerge as one of the winners” in the new world order that is taking shape. This was the upbeat message coming today from the CEO of Millennium BCP bank, at the opening of the Millennium Talks COTEC Innovation Summit, at FIL (Lisbon International Fair) today.
“We have human talent, new generations that are extremely well qualified, a location that is attractive to top executives, and a size that does not cause concern to the major powers but allows us access to more markets,” he told his audience out that the world is undergoing a transition to a new order that will require adjustments in the business fabric and social life.
Among the changes coming as the world transitions to a new order, “requiring adjustments in the business fabric and social life”, are climate change and ‘the energy transition’ – the goals of which he (too) considers difficult to achieve due to global fragmentation – wars and upheavals, “such as the invasion of Ukraine or the horror” that is taking place in Palestine, among other less publicised conflicts.
On the subject of migration, the CEO said it cannot be as simplistic as a “yes or no” answer: integration of migrants must be done in a profound way; the growth of the economy and the population ‘must go through planned and not uncontrolled diversity’.
“The issue is how to integrate, how to ensure that we have a solid, cohesive culture and that we have a country that can prosper and has the capacity to attract and retain talent, regardless of nationality,” he said.
Miguel Maya also advocated strengthening the business fabric and the economy to generate more value, writes Lusa.
Within the economy, he recalled the recovery that Portuguese banks have made over the last ten years -citing a Moody’s analysis that ranked Portuguese banks as the second most robust in Europe, behind only Norway.
“Who could have said this ten years ago? It’s not just BCP. And this in a context that was highly unfavourable to banks,” including negative interest rates.
According to Maya, the sector had to make decisions that were “very difficult and highly criticised at times”, but which had a clear purpose: “the interests of the banking sector had to be absolutely aligned with the interests of the real economy”.
In this regard, and highlighting the recovery in Lisbon stock market prices – “clearly above the European index” – Miguel Maya welcomed the A rating received by the bank after 16 years.
At the beginning of the month, the financial ratings agency Morningstar DBRS raised BCP’s rating, including its long-term rating, from ‘BBB’ (“high”) to ‘A’ (“low”).
Source: LUSA
